Crypto Mining Firm Argo Blockchain Raises $32 Million in Pioneering London IPO

London Stock Exchange Argo Blockchain
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Argo Blockchain, a UK-based digital coin mining company has become the first cryptocurrency company to be listed on the London Stock Exchange.

The company recently completed an initial Public Offering (IPO), placing 156,250,000 ordinary shares accounting for 53.2% of its issued share capital valued at 0.16 GBP each.The IPO raised 25 million GBP ($32.5 million), increasing the company’s total market valuation to 47 million GBP ($61.1 million).

“Long Term Growth Strategy”

Commenting on the successful listing, Argo Blockchain Executive Chairman Jonathan Bixby had this to say:

“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”

Miton Capital, Henderson Global Investors and Jupiter Asset Management are listed on the company’s shareholder registers, and its founders Jonathan Bixby and Mike Edwards own 13 percent of the company.

The company received approval from the UK Listing Authority in May to list on the LSE and released its digital coin mining subscription service in June. Proceeds from the listing will be used to drive the company’s expansion.

Argo’s Grand Vision

According to Bixby, Argo exists to remove all operational stress and difficulty away from ordinary people who wish to get into the crypto mining market, enabling them to participate financially in what some have described as the “fifth industrial revolution.”

Because mining is so essential to the effective operation of bitcoin and other cryptocurrencies, it has attracted the attention of several mining farm investors who site their mining operations wherever they can take advantage of low electricity costs.

Argo runs a mega coin-mining operation out of a data centre in Quebec, Canada. Trading on the substantial hardware and electricity cost implications of crypto mining, which are generally too expensive for individuals to undertake, Argo provides a platform for such individuals interested in mining to get into the market via a subscription on the website or smartphone app.

The company currently offers mining subscription packages for four cryptocurrencies namely, BTC Gold, ETH, ETH Classic, and ZCash for a monthly subscription of 8 GBP.

Other cryptocurrency mining companies are considering take this same route. CCN earlier reported that Bitmain, the world’s most valuable cryptocurrency mining company is considering going public.

One of its major competitors Canaan Creative is also reportedly in the early stages of putting together a $1 billion IPO in Hong Kong.

Featured image from Shutterstock.

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